18 January '10
9:32 AM UTC
  Tidal & Wave

Ocean Power Technology CEO Resigns

The PowerBuoy

In a surprising development, Ocean Power Technologies (OPT) has announced that CEO Mark Draper is leaving the company  less than a year after taking the top position from company founder Dr. George Taylor, citing personal reasons.  AIM-listed OPT, which has developed the PowerBuoys generator, a water buoy that capture waves to generate electricity, has appointed Chief Financial Officer Charles Dunleavy to replace him. Read More »

9 September '09
12:14 PM UTC
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Ocean Power Technologies Reports Q1 Loss

The PowerBuoy

Wave power company, Ocean Power Technologies (OPT) has reported an operating first quarter net loss of $3.2 million compared to the $4.4 million loss registered by the AIM-listed company a year ago.

The company also announced a 27.7 percent decline in first quarter revenues of $1.3 million from $1.8 million in the first quarter of last year. OPT blamed the fall on reduced billable activity related to its wave power project in Spain, which is nearing completion. The 1.39 megawatt Spanish facility is made up of 10 OPT-developed PowerBuoys generators. The facility will sell its output to Spanish utility Iberdrola once operational. For more on that, see .

As it stands, OPT remains a mostly research and development enterprise with a cash burn rate that exceeds its revenues. Those revenues will grow if it’s able to increase its pipeline of projects, which currently — besides Spain — also include a utility-scale initiative with Lockheed Martin off the coast of Oregon as well as a joint project in Hawaii with the U.S. Navy. Back in Europe, OPT is developing Wave Hub, a 20 megawatts project, in Cornwall, England.

To fund its growth, the New Jersey company has access to a comfortable amount of cash, which, including marketable securities, totals $79.7 million, slightly down from the $81.7 million the company had on hand in the fourth quarter. OPT’s order flow stands at $6.4 million for the first quarter, up from $3.7 million during the first quarter last year, but down from the $7.5 million registered for the fourth quarter of ’09.

In a prepared statement on the OPT release, CEO Mark Draper said:

We made a strong start to our fiscal year with significant progress on our flagship projects, and achieving gross profits on our contracts. The development of our first PB150 PowerBuoy remains on track. We also signed a commitment agreement with the South West Regional Development Agency to make Wave Hub, one of the world’s largest proposed renewable marine energy projects, a commercial reality. As a result, we continue to look to the future with confidence.

Draper was promoted to the CEO slot in February from COO, replacing company founder, Doctor George Taylor. In June, Angus Norman joined OPT from EDF Energy as chief executive in charge of the company’s UK and European operations.

3 February '09
7:13 AM UTC
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  Tidal & Wave

Ocean Power names new chief technology officer

Ocean Power Technologies has named Phil Hart as chief technology officer.

In the new role, Hart will be responsible for the company’s advanced technology development including the development of the next generation of PowerBuoy systems.

Hart reports to Mark Draper, OPT’s new CEO, who was appointed to the top position this week. Draper replaces company-founder, George Taylor, who stays on as executive chairman of the AIM-listed company.

2 February '09
9:48 AM UTC
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  Tidal & Wave

Ocean Power Technologies appoints new CEO

Wave power company, Ocean Power Technologies has appointed Mark  Draper as its new Chief Executive Officer.

The AIM-listed company develops water buoys that capture waves to generate electricity. Mr. Draper, 45,  would take up the position from Jan. 29, the company said.

Mr. Draper has been OPT’s COO since June 2007 and was the  head of  its wholly owned European subsidiary, Ocean Power Technologies Ltd, since September 2004.

He succeeds OPT founder Dr. George Taylor, who stays on as  executive chairman of the New Jersey-based company.

“Building on his prior experience in the utility industry in both renewable and conventional sources of power, Mark is well suited to lead the Company as it moves to the next stage of growth in the worldwide marketplace,” Dr. Taylor, said in a written statement.

Mr. Draper joined OPT  in 2004 from Powergen  where he was a managing director overseeing the company’s 9,000 MW power generation business.

Last week OPT  it was partnering with Lockheed Martin to develop a utility-scale power project off the coast of California or Oregon.

(OPT press release)